The red lines show the topping out in price as August began with the negative divergence, overbot conditions and rising wedge, as highlighted as it occurred. The moving average ribbon, with price well above the 10 MA above the 20 above the 50 above the 100, etc..., was a sure sign of a top. The blue lines show a downward-sloping channel in place and also the thicker blue lines show more of a falling wedge vibe. This morning's pop would bounce price up and out of that shorter falling wedge. The trend lines show key resistance tests at 1649 and 1661, key horizontal pricing resistance levels as well. Thus, the moves through, or rejections of 1649 and 1661 will tell a lot about market direction. The RSI, histogram and stochastics are content with seeing a market bounce occur although the MACD line and money flow want to see lower numbers moving forward. The RSI and money flow never reached oversold levels as well.
A market bounce is on tap so watch 1649, 1652 and 1661. The 50-day MA is 1660.58 and is a very important bull-bear line in the sand. Projection is sideways to sideways lower moving forward. A test of the brown zone at 1540-1590 appears to be destiny, as highlighted in this morning's weekly chart. To begin September, however, the bulls are going to flex their muscles. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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